Smart Africa and the African Continental Free Trade Area (AfCFTA) have joined forces to create a Single Digital Market for Africa. The two organizations signed an agreement during the Transform Africa Summit 2023 in Zimbabwe, which aims to promote digital transformation, digital financial inclusion, and cross-border payments across the continent.
The agreement was signed by H.E Wamkele Mene, the Secretary General of the AfCFTA Secretariat and Lacina Koné, DG/CEO of Smart Africa. The collaboration between the two organizations seeks to strengthen information, communication, and technology in Africa to facilitate digital trade and transformation.
The Single Digital Market for Africa under the AfCFTA will provide a framework for digital trade within the continent, which is expected to increase trade opportunities and boost economic growth. The collaboration will provide technical support to develop and implement the AfCFTA Protocol on Digital Trade, which will establish guidelines for digital trade within the AfCFTA.
The two organizations will cooperate on digital transformation, which involves the integration of digital technologies into various aspects of African economies. This includes e-commerce, e-government, and digital infrastructure development. By promoting digital transformation, the collaboration aims to improve efficiency, reduce costs, and increase access to digital services.
Digital financial inclusion is also a key focus of the collaboration. The two organizations aim to leverage digital technologies to expand financial services to underserved and unbanked populations, which is critical to driving financial inclusion and reducing poverty in Africa.
Moreover, the collaboration seeks to develop a unified approach to digital cross-border payments, including supporting the implementation of pilot projects within the AfCFTA. By streamlining payment processes and reducing the cost of cross-border transactions, the collaboration aims to improve the efficiency of trade and increase economic growth.
Finally, the agreement provides for the preparation of studies, technical notes, and briefs on implementing and advocating the AfCFTA Protocol on Digital Trade. This will help to raise awareness and encourage stakeholders to adopt digital technologies and support the development of a Single Digital Market in Africa.
The collaboration between Smart Africa and the AfCFTA is a significant step towards building a Single Digital Market in Africa. The agreement demonstrates African leaders’ commitment to leveraging digital technologies to drive economic growth and promote financial inclusion. With the agreement’s implementation, African countries can harness the power of digital technologies to unlock new trade opportunities, create jobs, and boost economic growth on the continent.
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